Minimum Deposit
Min ₹1,000
Maximum Deposit
₹30 Lakh Maximum Limit
Scheme Tenure
5 Years (Extendable by 3 Years)
Tax Status
Sec 80C & Sec 80TTB Exemption
Official Rules & Key Features
- Interest Rate: 8.2% per annum, highest among government small savings.
- Quarterly Payout: Paid directly into savings account on the first working day of April, July, October, January.
- Maximum Limit: Up to ₹30 Lakh deposit allowed per individual.
- Extension: Can be extended for one additional 3-year block post maturity.
- Joint Account: Allowed only with spouse.
Eligibility & Who Can Open Account
- Individuals aged 60 years and above.
- Retired Civilian Employees (55 to 60 years) subject to retirement benefits investment within 1 month.
- Retired Defense Personnel (50 to 60 years).
Taxation Rules
Investment qualifies for Section 80C tax deduction up to ₹1.5 Lakh. Interest up to ₹50,000 is tax-exempt under Section 80TTB. TDS applies if annual interest exceeds ₹50,000.
Premature Closure
Allowed after 1 year. 1.5% deducted if closed between 1 and 2 years; 1% deducted if closed after 2 years.
Required KYC & Verification Documents
Aadhaar, PAN, Retirement/PPO proof, 2 photos.
Calculate Returns
Estimate exact maturity yield, monthly interest payout, or premium quotes for Senior Citizen Savings Scheme (SCSS).
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